Concerns for housing affordability in Canada
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- เผยแพร่เมื่อ 15 ต.ค. 2024
- Ron Butler, mortgage broker at Butler Mortgage, Bob Dugan, chief economist at Canada Mortgage and Housing Corporation, Lauren Haw, broker of record and industry relations officer at Zoocasa, join BNN Bloomberg to discuss real estate.
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Still dont know how that 300 000 house went to 1.5 mil in 12-13 years. Just nuts
300 to 1.5 mil in 12 years? thats nothing...
jane and finch in toronto... the LITERAL GHETTO....
90k in 2019
400k in 2024.
Governments spending money like drug addicts and sky high immigration
@butwhytharum thats BS. no house in jane & finch was $90k in 2019, i looked in the area around then and a lot of homes are not ghetto there
@@stevestevens502 condos are considered homes buddy. No detached home in Toronto was under 500k in 2019.
in my opinion, housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you're careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn't king at all in this time.
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Interest rate are not the problem the high price is
you mean the 2M+ new residents per year more like.
@@alexg9727you don’t afford a house delivering UberEats. A lot of the price problem comes from speculation.
People believe the prices will continue going up, but that’s not necessarily the case.
yeah interest rates were way higher in the past
Rent increases of 20+% per year are ridiculous.
Canada is falling apart. Unemployment rates are rising. inflation is ridiculous. Housing is insane. It's unlivable here. Homelessness will double by this time next year. We already have twice as many people homeless per capita as the USA. It is neo-liberal capitalist hell and no one over the age of 50 gives a f*** so long as their homes retain value
Canada has twice the homeless population of the US per capita? That's interesting. Do you have a link to those numbers?
This is nuts it's all about the affordability issue, prices are too high vs interest rates
interest rates caused this... super low for 15 years then drop it to 0. spend alllllll that money you dont have on a brick and mortar "asset" and rent it out to someone for them to pay off the debt... hoping that you always have a tenant that reliably pay that rent to cover your debt and whatever interest is accruing...
what everyone didnt expect is all of a suddent the borrowing costs inching upwards.
just gotta factor in everyone else doing this and the result is million dollar shoeboxes in towers....
“Concerns”. It’s out of freaking control.
It's not the interest that's the real problem. It's the price of the house itself.
EXACTLY!
Much of which is due to taxes and fees.
@@shauncameron8390 nope. It's due to boomers
The fact that there is already an excessive amount of demand awaiting its absorption, despite how everyone is frightened and calling the crash, is another reason why it is less likely to occur that way. 2008 saw no one, at least not the broad public, making this forecast, as I'll explain below. The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of 2020, it had dropped from 68 to 65.
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Isn't housing and shelter suppose to be basic right? Quality of life has been downhill for a while for a country like Canada
its harder to get a morgage and cheaper per month than renting , i can rent a house in edmonton alberta fr 2500 amonth , but my morgae payment would be 1000 less than the coast of rent .....
Even if you were a millionaire, you still wouldn't buy a house because who wants an overpriced house? If it's not worth 1 million, why pay 1 million?
Shortage my ass. There plenty of homes to buy right now.
And there will be a whole lot more...
There are currently 30000 condos new build that havnt sold and a record number of listings also 80 condos have been postponed indefinitely and counting.
The only thing that matters is real estate prices matching average income and that would mean a 50 percent drop minimum.
65% to 80% DEFLATION in Home and Land Prices is a MUST, if NOT, there will be SERIOUS and DEVASTATING Social, Economic, Political, and Security Crises for Canada in the coming years.
Current house prices is what they should be in the 2030s. Maybe even the 2040s.
We need to remove barriers to builders. In BC we have absurd bureaucracy stopping housing starts. We have to dig for indigenous artifacts at every site now. Ridiculous. We need houses asap. Approval process can be 5x cheaper in the US. Absurd
Canada will start spending 2% of its annual GDP on defense as government spending and deficits are set to rise astronomically and that means HIGHER TAXES, HIGHER INFLATION, and cutback on government programs such as housing and social assistance.
Bank of Canada is setting the economy for "WAR TIME mode", this will be BoC most priority now, and not mortgage delinquency.
The Canadian real estate CASINO is about to CLOSE down for good and those record LOW rates and good times for the past 20+ years will NEVER EVER come back again at least in our lifetimes.
Warning to all Realtors, Speculators, House Flippers, Mortgage Brokers, Developers, Investors, and Transnational Organized Criminal Organizations/ Money Launderers/Drug Cartels and Canada's Mainstream Media, you will NEVER see those GOOD DAYS in Canadian real estate again.
BoC governor knows something that we, the public don't know, and that would be incoming Global Geopolitical Instability/Tensions/Conflicts, HIGH Inflation, and WAR TIME economy.
The house developers' priorities are to try to keep the Home Inventories LOW and House Prices HIGH.
They will NOT invest even a PENNY in building homes in the next decades, all 3 levels of government must come up with $2.3 to 2.8 TRILLION dollars to build 3.1 million units of shoe box size rental units in the next decade to cover the FRACTION of housing shortages in Canada.
Whats interesting is that high housing costs will drive away industry AND population. It happens in small town when the largest employers can't afford labor
why would anyone buy a $1 mil house? even if there was 0% interest, you still owe the bank $1 mil lol
Then how much should a detached house in the west side of Vancouver for example cost?
Because that 1M home will be worth 1.6M by 2030. And it's better to own than rent.
@@baseline6786its still foolish. The rate of return is miniscule compared to investing the same amount in the s&p 500.
because rents gonna be more than mortgage payment going forward
@@BajiKorvisamo everyone needs a place to live though. Owning means over time it costs less n less to live. Renting u never know when you will get that eviction notice and rent only goes up.
five percent is not a crazy high rate on a 299,000 home..from the past. 5 percent or more when they went in at one percent on a house worth millions is very very high the blonde lady did not speak on that issue
Real estate supply is not keeping up with the pace of immigration growth. The Canadian government must significantly increase real estate supply and infrastructure investment.
Need to tax the shit out of Air BnBs or shut them down all together.
Interest rate goes down, prices go up. Simple as that. We are going to see more price inflation in the future without any monumental shift in how houses are built and who is allowed to buy them.
If i bought a house for 200k in the 90s, you best believe i would never sell. And if someone badly wanted it, id ask for 1.4 million or i'm holding.
Why is no one talking about the investor factor? For a while there 1 in 3 of every property purchased was scooped up by an investor. They are buying up.the supply there that was supposed to be for first time home buyer's. Most canadians are counting on their home being their retirement fund. The financialization of housing is the problem and no government is going to fix this and be responsible for taking money away from either of those groups. SAD to think what this will mean for canada moving forward
High interest rates this high interest rates that... Do these people forget we were still in the midst of an affordable housing crisis while interest rates were historically low??
Ban corporate ownership on used housing.
Canadian houses are overpriced. I moved from mississauga and now I live in Stratford Ontario and its crazy here too
Concerns that are falling on deaf ears.
kevin o leary said yesterday prices never coming down 😢😢😢 market changed forever
how can prices come down when we are bringing in so many people? our population is on track to double in 30 years.
@@Numenorean921 thats bad every day 1000s becoming prs without increasing services or homes 🏠 cntry gonna go down the drain unfortunately no one can this immigrn engine
Kevin O'Leary has NOT seen the real estate Meltdown in his entire life time. Just Watch when geopolitical conflicts unravel around the world!
BTW: Have you picked up your "Doomsday Emergency kit" at your local COSTCO store?
It is recommended to have a few at home just in case.
@@KM-sr9ccNot happening 😢 lol 😆 2006 bought my 5th townhouse for $149,000 now valued at $675,00 my only worry Justin Capital gains 😅😅😅 buy now move to rural areas you will thank me after 10 years .
@@JSRTales also currency is being devalued so nominally it will stay elevated
And yet thousands of asylum seekers fill the airports daily
Too late now , we are doomed 🇨🇦🇨🇦
Need a skeleton government. Too much tax money is wasted
Dont worry, The budget will balance itself and the tactical tampons and woke bureaucrats in army will help attract more soldiers
Nothing will change welcome to hell I guess tuff times will make us all tuff
Capitalism